We are purchasing a 1 bedroom flat in Mere with a mortgage. We like our Mere solicitor, however the bank says she’s not on their "panel". We have to appoint one of the bank panel solicitors or continue with our Mere lawyer as well as pay for one of their panel firms to act for them. We consider that this is inequitable; can we not require that the lender use our Mere conveyancing practitioner ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Mere conveyancing solicitor to apply to be on the conveyancing panel.
When does exchange of contracts take place for residential conveyancing in Mere and do I need to be at the lawyers branch?
Where you are in close proximity to our conveyancing solicitors in Mere you are invited in to sign the paperwork. However, the law practices we work with provide countrywide coverage for conveyancing and give just as comprehensive and professional a job for you when communicating with you electronically. The signing of the contract is not the important part. Signing on the dotted line is just a prerequisite for the solicitor to exchange contracts at the suitable time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Mere)to be in the office available at the end of the phone to exchange contracts.
We're in Mere, First timers purchasing with a mortgage (lender is Virgin Money , and our solicitor is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Mere differ for newly converted properties?
Most buyers of new build or newly converted property in Mere approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Mere usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Mere or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Mere before appointing conveyancers. I have been advised that there is a flying freehold aspect to the house. My surveyor has said that some lenders will not give a loan on this type of home.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. If you contact us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Mere. Conveyancing may be slightly more expensive based on your lender's requirements.
I’m about to sell my garden apartment in Mere. Conveyancing is yet to be initiated, however I have just received a yearly service charge invoice – Do I pay up?
The sensible thing to do is pay the service charge as normal given that all rents and service charges will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Mere Leasehold Conveyancing - A selection of Queries Prior to buying
-
What prohibitions exist in the Mere Lease? How many years remain on the lease? Is there a share of the freehold?